Netflix to Acquire Warner Bros.

[NateDog]

https://about.netflix.com/en/news/netflix-to-acquire-warner-bros

HOLLYWOOD, Calif., Dec. 5, 2025 -- Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.

This acquisition brings together two pioneering entertainment businesses, combining Netflix's innovation, global reach and best-in-class streaming service with Warner Bros.' century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix's extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescence and Extraction, creating an extraordinary entertainment offering for audiences worldwide.

"Our mission has always been to entertain the world," said Ted Sarandos, co-CEO of Netflix. "By combining Warner Bros.' incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling."

"This acquisition will improve our offering and accelerate our business for decades to come," continued Greg Peters, co-CEO of Netflix. "Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders."

"Today's announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most," said David Zaslav, President and CEO of Warner Bros. Discovery. "For more than a century, Warner Bros. has thrilled audiences, captured the world's attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world's most resonant stories for generations to come."

Netflix “Expects” to Keep Releasing Warner Bros. Films Theatrically

Now that that’s settled...

www.hollywoodreporter.com

"I wouldn't look at this as a change in approach for Netflix movies — or for Warner movies for that matter. I think over time, I think the windows will evolve to be much more consumer friendly, to be able to meet the audience where they are, quicker," he said. "All those things I'd like to do, but I'd say right now, you should count on everything that is planned on going to the theater through Warner Bros. will continue to go to the theaters through Warner Brothers. And Netflix movies will take the same strides they have, which is, some of them do have a short run in the theater beforehand, but our primary goal is to bring first-run movies to our members, because that's what they're looking for."

Variety have said that the suggestion is for theatrical windows as short as 2 weeks.

I don't like the sounds of any of this.

 

[Vega]

Yeah... the only reason why I think it's good Paramount didn't get it is because they had the Saudis involved (and still lied before that they didn't for some reason). Otherwise Paramount would have been awesome.

There has been some noise in the past few weeks of actors and directors across the board saying that Netflix shouldn't be allowed to the Oscars with their 3-day theatrical runs, which is interesting seeing them being so vocal against such a big industry player. The optimist in me thinks that Netflix will have to cave and just continue Warner as it is. The optimist in me also thinks that if they indeed should completely end the Warner physical media branch, that the bootleg market will likely thrive, none of that chinese blu-ray bullshit, but really well made 4K bootegs. Those will probably have to be rips from compressed streaming 4K versions, but still better than nothing.

Only time will tell. Who knows, maybe they won't make a profit with it and sell it again in a few years.

 

[Billy Talent]

It’s hard not to think about how Blockbuster could’ve bought Netflix.
Somewhere out there, someone from Blockbuster is still kicking themselves daily for that one.

 

[Lollard2002]

Yep goodbye physical media

 

[PracticingPat]

Yep goodbye physical media

Doesn't bode well. Stock up while there's time.

 

[Billy Talent]

Looks like we’ve got a bidding war going on, Paramount is topping Netflix’s offer.

Paramount Launches Hostile Takeover Bid for Warner Bros. Discovery Valued at $108 Billion, Seeking to Derail Netflix’s Deal

David Ellison is not going away quietly in his quest to land Warner Bros. Discovery.

variety.com

 

[ar7c]

 

[Noodles]

Surprised Di$ney didn't jump at the chance to buy them as they're usually first in line to take out any competition. Not that WB have been much of a threat as of late though... they've been lacking and digging their own grave for a while now. But, whoever buys them, the consumer will lose at the end of the day... even less physical media releases followed by yet more increased subscription fees. I just hope the winner of this bidding war handles their licenses better than current WB ever did. Hey, maybe Netflix will even redo the last season of GoT

 

[MCU-Smithsonian]

Apparently, Paramount have thrown their hat into the ring...

https://edition.cnn.com/2025/12/08/business/paramount-hostile-takeover-bid-wbd

 

[K1SK1S]

Apparently, Paramount have thrown their hat into the ring...

Spoiler: The hat

I think Netflix not winning is good news for physical

Spoiler: Paramount acquiring WB all but confirmed

 

[Vega]

I think Netflix not winning is good news for physical

Netflix have already declined, Paramount will buy Warner.

I hope that means incredible news for physical media and theatrical. What I'm not a fan of is the fact that Arab (Saudi, Qatar etc) money is very likely involved. I wish the exact details would be made public, Ellison has previously stated that Saudi money will not be involved at all, which I believe was refuted by certain media outlets. So I'm really torn about this, Superman belonging to the Saudis is absolutely nightmarish.

 

[JGCramp]

Netflix have already declined, Paramount will buy Warner.

I hope that means incredible news for physical media and theatrical. What I'm not a fan of is the fact that Arab (Saudi, Qatar etc) money is very likely involved. I wish the exact details would be made public, Ellison has previously stated that Saudi money will not be involved at all, which I believe was refuted by certain media outlets. So I'm really torn about this, Superman belonging to the Saudis is absolutely nightmarish.

I honestly could care less about physical media relative to this deal. It's horrifying for so many more important (to me) reasons.

 

[C.C. 95]

This is the better outcome.

 

[Steely-Booked]

Netflix have already declined, Paramount will buy Warner.

I hope that means incredible news for physical media and theatrical. What I'm not a fan of is the fact that Arab (Saudi, Qatar etc) money is very likely involved. I wish the exact details would be made public, Ellison has previously stated that Saudi money will not be involved at all, which I believe was refuted by certain media outlets. So I'm really torn about this, Superman belonging to the Saudis is absolutely nightmarish.

Also this seems like way too much consolidation. If the right restrictions were made on teh deal (and those restrictions wouldn’t expire for 15-20 years, then I’d prefer Netflix, but if I had my druthers, it’d remain independent of any of the other studios.

 

[MM3]

This is the better outcome.

Not really. It's bad for freedom of speech. The Ellison's are biased and support censorship.

 

[KarlieFloss]

This is the better outcome.

I don’t even live in the US but Trump/Ellisons/right wing media controlling CBS, CNN, HBO, TikTok, WBD etcetera is an absolute **** show. But sure, we’ll still have movies in theaters (I guess?).

 

[Vega]

Not really. It's bad for freedom of speech. The Ellison's are biased and support censorship.

The current media landscape is not exactly unbiased or somehow allergic to censorship, quite the opposite. For some reason most people always go "my side doesn't do it, it's always the others who lie more" even though every single news show today is propaganda and basically rage bait masked as news or late night comedy. The important step is realizing that it's happening on both sides equally, even if you agree with what's being said with one more than the other. That's just the nature of the game now unfortunately, division and making people hate each other. If this aquisition will go through it will only change the political drift certain "news" shows might have, it's not going to somehow poison the nature of news media, it's already at an historic low when it comes to audience trust. The only thing that's going to change is that you might not like some of the things being said under Paramount as much, just like the other 50+% of the population didn't like what was being said on those channels before. It's gonna be the same old game and actual news that truly informs the audience has not been a main focus for quite some time.

 

[Steely-Booked]

The current media landscape is not exactly unbiased or somehow allergic to censorship, quite the opposite. For some reason most people always go "my side doesn't do it, it's always the others who lie more" even though every single news show today is propaganda and basically rage bait masked as news or late night comedy. The important step is realizing that it's happening on both sides equally, even if you agree with what's being said with one more than the other. That's just the nature of the game now unfortunately, division and making people hate each other. If this aquisition will go through it will only change the political drift certain "news" shows might have, it's not going to somehow poison the nature of news media, it's already at an historic low when it comes to audience trust. The only thing that's going to change is that you might not like some of the things being said under Paramount as much, just like the other 50+% of the population didn't like what was being said on those channels before. It's gonna be the same old game and actual news that truly informs the audience has not been a main focus for quite some time.

irrelevant. This is a level of media that's well beyond anything we've seen. CNN, CBS, Paramount, HBO, WB. But even if we just concentrate on Skydance/Paramount/WB it's too much. Likewise, Disney shouldn't have been allowed to by Fox.

This level of consolidation of media is unhealthy.

 

[Lenny Nero]

Not really. It's bad for freedom of speech. The Ellison's are biased and support censorship.

Both sides are extremely biased now, the left is just more vile and hateful.

I don’t even live in the US but Trump/Ellisons/right wing media controlling CBS, CNN, HBO, TikTok, WBD etcetera is an absolute **** show.

CNN trash are already peeing their pants.
Either way it's much better, than CrapFlix streaming everything 3 days after theatrical, or even simultaneously. It's more theatrical releases, more physical releases, and less 'woke message' stuffed down everyone's throats.

 

[KarlieFloss]

When you’ve gotta defer to The Critical Drinker to make ur case you know things are bleak AF.